Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesPYUSD (PayPal)
PayPal USD (PYUSD) is a US dollar-backed stablecoin issued by Paxos Trust Company, N.A., launched on August 7, 2023. Regulation: issued by Paxos Trust Company, N.A. under an OCC national trust charter (converted from a New York trust charter on December 12, 2025). It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- PYUSD
- Issuer
- Paxos Trust Company, N.A.
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- August 7, 2023
- E-money token under MiCA
- No
- Accounting firm or verifier
- KPMG LLP
- Latest reserve report
- August 2026
- Transparency page
- paxos.com
- Checked on
Paxos states the reserves are held entirely in US dollar deposits, US Treasuries and cash equivalents, in segregated, bankruptcy-remote accounts. Reserve reporting: monthly attestation and monthly self-reported composition. Accounting firm or verifier: KPMG LLP. The latest report covers August 2026.
Institutions with a Paxos account can mint and redeem 1:1 with no fees. PayPal and Venmo users can convert PYUSD to US dollars in the app with no fee. The issuer lists 2 networks where the token is issued natively: Ethereum and Solana.
- Token name
- PayPal USD
- Brand
- PayPal
- Regulation
- Issued by Paxos Trust Company, N.A. under an OCC national trust charter (converted from a New York trust charter on December 12, 2025)
- Reserves
- Paxos states the reserves are held entirely in US dollar deposits, US Treasuries and cash equivalents, in segregated, bankruptcy-remote accounts.
- Reserve reporting
- Monthly attestation and monthly self-reported composition
- Latest report
- paxos.com
- Redemption
- Institutions with a Paxos account can mint and redeem 1:1 with no fees. PayPal and Venmo users can convert PYUSD to US dollars in the app with no fee.
- Networks (native issuance)
- Ethereum, Solana
- Number of networks
- 2
- Website
- paxos.com
- Sources
Page URL Paxos PYUSD transparency https://www.paxos.com/pyusd-transparency Paxos PYUSD page https://www.paxos.com/pyusd Paxos Mint and Redeem https://www.paxos.com/mint-and-redeem Paxos newsroom: PayPal launches US dollar-backed stablecoin (7 Aug 2023) https://www.paxos.com/newsroom/paypal-launches-us-dollar-backed-stablecoin PayPal newsroom launch release https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin Paxos blog: OCC charter explained https://www.paxos.com/blog/occ-charter-stablecoins Paxos: OCC approves conversion (update: converted 12 Dec 2025) https://www.paxos.com/newsroom/occ-approves-paxos-application-to-convert-to-occ-trust-paxos-to-complete-conversion-imminently-to-become-a-federally-regulated-blockchain-infrastructure-provider OCC conditional approval letter, Paxos conversion (Charter 25379) https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125e.pdf ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
